The first version of the plan was to tax depositors in Cypriot
banks 10 percent on deposits of over €100,000, and 6.75 percent
for deposits lower than that.

But the outcry over the levy prompted Cyprus' government to
renegotiate the plan. Under the new plan, depositors with
under €100K would be taxed 3 percent, those between €100 - €500K
will be taxed 10 percent, and those with over €500K will be taxed
15 percent.

But in his latest note, Dennis
Gartman discusses the presence of Russian money:

"There is no question but upon whom the decision by the Cypriot
government noted at length above is going to fall most heavily:
Russian oligarchs; Russian government officials and Russian
criminals.

"Cyprus has been their own private Switzerland for many years.
Legal and non-legal Russian cash has swamped the banking system
in Cyprus since the early 90’s. The beauty of the island; the
ease of admission too and exit from the island via boat or plane;
the secrecy of the banking laws; the warm Mediterranean climate
and the ease of which Cypriot authorities could be bribed and
bought all worked to make Cyprus the center of Russian capital
flight.

...

"The Russians... legal and illegal... loved Cyprus for the
reasons noted above, not the least of which was the tiny 4%
corporate tax rate there. Who would not like that rate? It
attracted money relentlessly, with the Russians leading the way.
Criminal money especially was attracted to the secrecy laws,
sending money to the island to have it “washed” and then either
left there on deposit, or returned to other banking centers for
“investment” abroad, but “washed” thoroughly and made nearly
impossible to be followed and tracked. It was an enterprise that
worked to the benefit of the Cypriot government and to the
Russians, despite the comment by the new President, Mr.
Anastasiades, that Cyprus was and is “not complacent about money
laundering."

Gartman refers to the levy as a "theft." He also says Cyprus has
now "angered the people in the world you'd least wish to anger."

"One could only laugh as such a comment; of course Cyprus was
complacent about laundering. To think otherwise was and is
naïve. Ah, but now you’ve stolen Russia money... or soon shall
depending upon the vote in the Cypriot parliament... and that is
dangerous... very. One does not steal Russian mafia money and get
away with it. There are fewer statements of fact that are more
certain, more factual, more unyielding than this statement.
Russian Mafia figures do not take well to being stolen from, and
they take even less well to be made fools of. We see no reason to
mince words at this point: People will be hurt over this
decision; some shall be killed."